All Forum Posts by: John Ha

Hi all - have not gotten into investing yet but have been wanting to for years just have not had the courage. Been thinking of using heloc on my primary.

I pulled out a heloc on my primary home to finish the basement back in the summer. I was told I could get up to 120k but I chose to cap it at 40 which is what the basement cost us. They said I can always increase if needed. The bank I used does things differently. Instead of a draw period, this heloc is open forever or until I close it, and the monthly payment is always 1% of the outstanding balance. My interest rate is variable and currently in mid 7s. I currently owe 38k on it.

question 1. Did I pull out the wrong heloc? Seems it would make more sense to have one with interest only payments so that my monthly payment is much less?

Question 2. My wife and I have our own fun/spending accounts after all bills and and things like gas/groceries are accounted for. I have about $1000 a month in money I can play with. Does it make sense to use heloc on primary to fund investment properties? I'm mainly concerned with the exit strategy and getting the heloc paid down after refinancing the investment house and then do it over

Hi everyone - sorry for the long post. I would like to ask you experienced investors what you would do in my position to get started in real estate to where I could eventually leave my corporate job and do my own thing while being “comfortable”

My background - I am 33 and married with an 8 month old daughter. Very blessed to have a finance background working in healthcare making $110k a year. I grew up working for my father who was a contractor who did gutters, siding, windows etc. I also am handy around the house and made over 50k on buying and fixing up my first house. So while no construction expert, I am versed in the trade.

my wife and I are currently building a custom home that will be done in a few months that we are putting 150k down for. I absolutely love the entire process of home building. I constantly tell my wife that I feel like I missed my calling in life.

my ultimate goal is to get into building spec homes and eventually custom homes. I also think I would enjoy flipping homes as well.

I would love to be able to call it quits on my corporate career in the next 10 years and just exploring the best ways I could get there by asking you all.

so what would you all do if you were me, knowing what you know now